hi
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 947 Posts
Many share my views with me. But I don't share them with them...
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DislikedHi all,
I would like to explain a method i have been using with some success to see if anyone is doing anything simular.
Ok what i do is use a 4H chart and look for pin bars (I only take the best one's) then once one is formed I draw fib levels on the actual pin bar and place my entry at the 50% level with my stop just above the tip of the pin bar.
In my testing I noticed that most of the time price will retrace to the 50-60% fib level of the pin before heading in the direction the pin bar predicted.
I risk 3% of my account on each trade and use micro lots to get this as acreute as possible.
For example if the pin bar is 40 pips in length and my entry was at the 50% fib level my stop would be about 22pips to get it just past the tip of the pin. using an account of $1500 and risking 3% i would risk $45 on the trade.
Once the trade has opened and is at the other end of the pin gaining the 3% i risked I move stop to break even and normally close the trade once i have gained twice my risk.
Sometimes if the trend is strong and the pin is with the trend i will let it run.
Below is a picture of a pin bar with the fib levels on it, see how price came down to the 50% level before taking off!!
If anyone is trading pin bars on the 4H charts or smaller please let me know.
If anyone has any questions about this method please just ask.
-S-Ignored
Dislikedextensive trading and talk on pinbars in the James16 threads
Best of luck on your journey,
MikeIgnored
DislikedOk, What is a pin bar? How do you draw the fibs? Can you please explain this with examples. thanksIgnored
DislikedHiI try to use this method too in conjunction with other systems I am currently testing.So far, this 4hour pinbar seems to be very promising and profitable. Looking back at history of some pairs, profits go by the hundreds of pips on this one.This is very good for swing traders. Instead of the 50% retracement of the pinbar as ENTRY, I use Stochastics and CCI and go several timeframes lower to maximize potential profits.Thank you for bringing this methiod up for discussion.I am sure there are others who will be able to contribute their experience here.How many pairs do you use this method on and how do you monitor them? Do you check every 4 hours and which platform are you using? I currently use several platforms for my demo and due to their time differences on the servers, there would be differences on the type of candles showing on them.Do you use window or audible alerts? I think I came across a 4pinbar alert in one of the threads. But I am not so sure if thayt really worked fine. I was wondering if someone got that PinBar Alert to work fine now.Ignored
DislikedHiI try to use this method too in conjunction with other systems I am currently testing.So far, this 4hour pinbar seems to be very promising and profitable. Looking back at history of some pairs, profits go by the hundreds of pips on this one.This is very good for swing traders. Instead of the 50% retracement of the pinbar as ENTRY, I use Stochastics and CCI and go several timeframes lower to maximize potential profits.Thank you for bringing this methiod up for discussion.I am sure there are others who will be able to contribute their experience here.How many pairs do you use this method on and how do you monitor them? Do you check every 4 hours and which platform are you using? I currently use several platforms for my demo and due to their time differences on the servers, there would be differences on the type of candles showing on them.Do you use window or audible alerts? I think I came across a 4pinbar alert in one of the threads. But I am not so sure if thayt really worked fine. I was wondering if someone got that PinBar Alert to work fine now.Ignored
DislikedI use 15 pairs to find the best pin bars on daily chart .
In my experience of trading the best entry point is 32.8 fib level retracement.
I mean one level higher than 50 fib level.
You will never miss any good trade by this entry point and also have a good risk/reward ratio.
There will be 4-5 opprtunities in a month ( Best Pin bars )
You have to be very patient if you wanna play pin bars .
I use Pin bar plus the other methods to trade on daily charts.Ignored
DislikedHi All,
Want to share one experience which is right now going on on the http://barchart.com/quotes/futures/HGK12 chart kindly have a look at One day chart and you ppl will see A reaLLLY very nice pin bar in the bottom have alook
An where i can get more reading materials on the pin bar!!! I have really loved this method and it really works like magic...Ignored
DislikedHi All,
Want to share one experience which is right now going on on the http://barchart.com/quotes/futures/HGK12 chart kindly have a look at One day chart and you ppl will see A reaLLLY very nice pin bar in the bottom have alook
An where i can get more reading materials on the pin bar!!! I have really loved this method and it really works like magic...Ignored